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Nomura has reiterated its neutral rating and 2,150p target price for Imperial Tobacco, despite the group's new sales-led growth strategy. "We fail to see Imperial’s new sales focus having the impact required in terms of re-invigorating the top line, and believe this will likely become evident with softer-than-expected 2012 volumes," the broker said. "Despite these fundamental pressures, we also see these as making Imperial more susceptible to a take-over, and with increased speculation surrounding this possibility likely to support the multiple from here, we see no value in being underweight at this current time." Jefferies has maintained its hold rating and 310p target price for the UK's third-largest food retailer, Sainsbury, saying that it has the highest leverage/multiples and the lowest return on capital employed (ROCE) relative to its peers. It says that with increasing densities the key to margin expansion, there is little upgrade potential for now, making sector peers Morrison and Tesco more attractive, trading at a 15% discount on 2013 earnings with sharply lower leverage.

Global Energy Development (GED), the South America focused petroleum production company, swung into positive earnings territory for the 12 months to December 2011, reporting pre-tax profits of 5.9 million pounds, up from a 3.2 million pound loss in 2010. The significantly improved performance was thanks to an 81% increase in revenue to 43.1 million dollars, the result of a 29% increase in production to 519,000 barrels of oil and 38% increase in oil prices to 95 dollars a barrel. The company took advantage is its positive cash flow to reduce its debt position and accelerate the further development of its oil reserves. Global Energy shares climbed 3.5p to close at 106p.

Shares in Colliers International (COL) slid 0.175p to 0.975p on news that FirstService Corporation is moving closer to completing a takeover of the real estate services company, but that any transaction may provide negligible or no value for shareholders. The original deadline of 5pm on 20th March has been extended to 3rd April, although Colliers has once again stated that there is no certainty that a deal with be agreed. The troubled company has not made a profit since 2007 and with performance only deteriorating further in the last few years, the shares have fallen by over 90% in the last 12 months alone.

Eurasian Natural Resources Corporation (ENRC) saw revenues rise 17% in the year ended 31st December 2011 to 7.7 billion dollars (4.9 billion pounds) after achieving record sales volume of high-carbon ferrochrome from its Kazakhstan operations. The miner also noted progress in Africa, with significant increases in copper and cobalt production. The firm expects to reach full capacity across all divisions by the end of the 2012 financial year and believes its low-cost position in Kazakhstan will offer it protection against volatile market conditions. The shares dropped 20p to 643.5p.

In order to enhance its existing consumer goods division, Product tester Intertek (ITRK) announced that it has bought US retail quality control group 4th Strand for 6.4 million dollars (4.1 million pounds). The company expects to see increasing demand from large retailers which are increasingly developing their own-brand products, but lack the testing capabilities of specialised branded manufactures. Intertek shares gained 40p to 2,500p.

Seymour Pierce retained its "hold" rating for APR Energy (APR), with a target price of 1,000p. The broker noted that the temporary diesel power generator manufacturer was due to issue its full year results on 22nd March, but instead announced that they would be delayed until 16th April "due to the complexities in reporting and accounting for the various corporate transactions." However, Seymour Pierce does not expect anything untoward, stating that the firm's revenues for the year were in-line with expectations at 209 million dollars (132.1 million pounds), and attributing the delays to complexities in the reverse takeover by the Horizon Acquisitions cash shell. The shares plunged by 216p to 884p.

Following the strong recent share price performance, N+1 Brewin lowered its stance on Consort Medical (CSRT) from "buy" to "add", but increased its target price to 670p, from 650p. The medical device manufacturer is performing in-line with expectations and the broker noted good sales volumes for the firm's Bespak valves and inhaler division. Brewin added that the firm has launched a number of new products and is waiting to see if it won a previously mentioned nicotine inhaler contract. Shares in Consort Medical declined by 7p to 623p.

Shore Capital retained its "buy" stance on Synergy Health (SYR) with a 848p target price. The healthcare provider bought Leoni Studer Hard, which the broker noted is the only provider of gamma and x-ray irradiation services to the Swiss medical and packaging industries. Shore pointed out similarities in the two companies' business structures which it believes will lead to improved margins and increased operating leverage following the merger. The broker added that Synergy Health does not currently have exposure to x-ray technology and so the acquisition will diversify its product range. The shares slid 7p to 843p.

Northland Capital maintained its "buy" rating for Cape (CIU) with a target price of 590p. The broker raised its revenue forecasts for the year ending December 2012 by 3.1% to 775 million pounds following a strong second half from the energy services firm, including 26% growth in Asia Pacific. On the new earnings estimates, the firm's shares trade on a prospective multiple of 9.9 times for 2012, falling to 9 times in 2013, which Northland noted is a 28% discount to the sector. The shares lost 11.4p to 455.7p.

WH Ireland reiterated its "buy" recommendation for Metalrax* (MRX) with a 14p target price. The group saw revenues rise 5% for the year ended 31st December 2011 to 63 million pounds, with a recovery of its higher margin speciality engineering division, which the broker noted accounts for 68% of revenues. WH Ireland added that the firm reduced its net borrowings from 20 million pounds to 6.1 million pounds as at the end of 2011 and believes it will be able to generate a free-cash flow yield of 12%. Metalrax shares declined by 0.25p to 8p

Mark Wells, a non-executive director at Kofax, a provider of capture driven process automation solutions, bought 15,000 at 302.00p each this week. The £45,300 purchase comes one month after the firm reported a 31% slide in profit to $3.8m for the quarter ended December 31st. Total revenues for the quarter grew 3.7% to $70.0m (2010: $67.5m), and for the six months 5.2% to $128.5m (2010: $122.2m).

mony - howdy - yes this 'game' is often one of 'I wish' - believe me it happens to everyone - timing is the key in any share but we each also need to have liquidity (cash) when the time is right and unless we are rich( and I am not) then having spare cash when the time is right to buy is often a problem - I was waiting for cash to buy ESSR at 103 ish and MOS below 10p - missed the boat on both!

20th March 2012 Analyst: Andrew Noone Email: andrew.noone@gecr.co.uk Tel: 0207 562 3361 Metalrax Group - Full year results. Maintain buy stance at 8p, with a 16.2p target price

Mark Lawrence, Chief Executive, commented: "Our markets remain challenging, but we are pleased with the group's performance, which demonstrates the resilience of TClarke. The Board is encouraged that the mix of our business has broadened in line with our strategy of widening the range of services we offer. The group has strengthened its balance sheet, continued to deliver a profit and remains committed to paying our shareholders an appropriate dividend. Looking ahead, we are well positioned. In uncertain times the strength of our reputation is shining through. We are trusted by our clients and we continue to work alongside the top-tier of developers on many of the highest profile projects in the UK. As a result, our order book is strong and we are pleased with the diversity of our revenues. We have an encouraging number of opportunities to tender for projects across the full range of our eight target sectors. In conclusion, we remain optimistic that we will continue to drive the business forward."

Results for the year ended 31st December 2011 Highlights: · Group revenue £183.8m (2010: £179.0m) · Underlying operating profit* £4.8m (2010: £7.3m) · Underlying operating profit* margin 2.6% (2010: 4.1%) · Underlying profit before tax* £4.3m (2010: £7.0m) · Profit before tax £4.9m (2010: £5.7m) · Earnings per share 9.69p (2010: 8.91p) · Earnings per share - diluted 9.64p (2010: 8.91p) · Earnings per share - underlying* 7.34p (2010: 12.44p) · Forward order book £190m (2010: £190m) · Final dividend per share 2.0p (2010: 4.25p) · Total dividend per share 3.0p (2010: 8.50p)

http://www.investegate.co.uk/Article.aspx?id=201203200700216515Z

N + 1 Brewin initiates buy on Clarke (T), target price 60

Online casino operator 32Red (TTR) is riding the crest of a wave, thanks to increasing awareness of its brand and record customer sign-ups. In the year to December, net gaming revenues soared 48% to £25m, as pre-tax profits more than doubled to £2.1m. This stellar performance was achieved despite the Gibraltar based firm ramping up its marketing efforts, which include the well televised sponsorship of Premier football club Swansea. Active depositing customers jumped 47% to almost 40,000, and the average casino player yield also edged ahead to £550 (2010: £519). AIM listed 32Red has now set its sights on replicating itself in Italy. It has secured a new gaming license and is on track to 'go live' by June - a move which will cost £300,000 this year but boost future numbers. Proof the momentum is continuing is the fact that revenues in the first two months of 2012 are up a mouthwatering 69%. Before the costs of Italy, house broker Numis forecasts 2012 pre-tax profits of £2.9m and EPS of 3.8p. Speaking to Growth Company Investor, chief executive Ed Ware said 'we are delighted with our results, but there is still plenty more to go for.' AIM listed 32Red was a recent tip at 46p, so this performance is highly gratifying - shareholders are also to be rewarded with a 140% dividend hike to 1.2p a share. With a likely substantial settlement to come next year from an infringement case with William Hill, this cash rich casino has a long way to go. Buy.

http://www.growthcompany.co.uk/recommendations/2093323/32red.thtml

Regus's profit may have doubled in 2011, but they still weren't enough to meet Peel Hunt's forecast, with the broker maintaining its hold rating on the office space provider on Tuesday morning. "We believe that Regus is bumping along sideways, which would be consistent with the peer group (employment agencies, Adecco in particular). This may hold back sentiment," Peel Hunt said. While the broker reiterates its hold rating and maintains its forecasts, the target price is hiked from 75p to 110p to reflect a more "risk-preferring market".